Meadows Introduces PRIMED Act to Fund Highway Infrastructure
Washington, DC— Congressman Mark Meadows (R-NC) introduced the Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act (PRIMED Act) on Friday, which would create a temporary specialty tax break for companies that bring their foreign earnings to their U.S.-based operations. Rather than going to the U.S. Treasury, generated tax revenue would be dedicated solely to replenishing the Highway Trust Fund, strengthening the military and reducing the national debt.
Currently, the U.S. has the highest corporate tax rate in the industrialized world and is the only country that taxes a company’s global earnings, which encourages companies to legally keep their earnings overseas. The PRIMED Act incentivizes U.S. companies to bring foreign earnings home by allowing them to do so under a much lower tax rate – 5.25 percent instead of the current 35 percent corporate tax rate.
“This bill prioritizes long-term investment in critical infrastructure while also strengthening our military and paying down our national debt. Stable, predictable funding for our highway system and infrastructure is crucial to maintaining a strong economy and raising our nation’s productive capacity, ” Congressman Meadows said.
“Providing for our nation’s military and infrastructure should not be handled by continually passing short-term funding extensions. The long-term sustainability of our transportation system and national defense is too important to be constantly left in limbo every 6 or so months,” Meadows said.
“Until the U.S. finally implements a pro-jobs, common sense tax system, we must consider new approaches to generating the revenue necessary to fund our national infrastructure. The PRIMED Act will provide long-term federal funding for our infrastructure and defense now, so that we are able to focus on developing new and innovative funding mechanisms for the future,” Meadows said.